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\begin{document} 
\title{REPORT FOR MODEL} 
\bigskip 
\author{Model         : BFM mod \\ 
Specification : ver21 \\ 
Subfolder     : SecondSampleOutput \\ 
This file     : Report02 03 23.tex \\ 
OutputPath   :  BFM mod ver21 SecondSampleOutput end 2022.50 csminwel BFMPrior31m 02 03 23} 
\bigskip 
\date{03-Feb-2023 11:18 PM} 
\maketitle 
 
% Begin Prior Posterior Table\pagebreak 
\begin{center} 
\scriptsize 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Prior Posterior Table}\\ \hline 
Parameters&Dist&$Prior Mean$&$Prior Std$&$Post Mode$ \\\hline \endhead 
\hline \endfoot 
AD&C&24&0&24\\ 
bet&C&0.990&0&0.990\\ 
delt&C&0.025&0&0.025\\ 
alph&C&0.330&0&0.330\\ 
$\eta w$&C&0.140&0&0.140\\ 
$\eta p$&C&0.140&0&0.140\\ 
sgc&C&0.110&0&0.110\\ 
sb&C&2.458&0&2.458\\ 
$\tau l$&C&0.186&0&0.186\\ 
$\tau k$&C&0.218&0&0.218\\ 
$\tau c$&C&0.023&0&0.023\\ 
gamm100&C&0.398&0&0.398\\ 
$\pi star100$&C&0.530&0&0.530\\ 
$\xi $&C&1.797&0&1.797\\ 
$\mu HH$&C&0.077&0&0.077\\ 
$\omega w$&C&0.815&0&0.815\\ 
$\omega p$&C&0.867&0&0.867\\ 
$g\psi $&C&0.656&0&0.656\\ 
s&C&5.547&0&5.547\\ 
$\chi w$&C&0.038&0&0.038\\ 
$\chi p$&C&0.236&0&0.236\\ 
thet&C&0.913&0&0.913\\ 
$\alpha g$&C&-0.051&0&-0.051\\ 
$\phi \pi $&C&0&0&0\\ 
$\phi y$&C&0.001&0&0.001\\ 
$\phi \pi c$&C&2.058&0&2.058\\ 
gammgc&C&0&0&0\\ 
gammtk&C&0&0&0\\ 
gammtl&C&0&0&0\\ 
gammtc&C&0&0&0\\ 
gammz&C&0&0&0\\ 
$\phi zy$&C&0.082&0&0.082\\ 
gammgcc&C&0.344&0&0.344\\ 
gammtkc&C&0.004&0&0.004\\ 
gammtlc&C&0.003&0&0.003\\ 
gammtcc&C&0&0&0\\ 
gammzc&C&0.089&0&0.089\\ 
nfrp&C&0&0&0\\ 
$\rho r$&C&0.726&0&0.726\\ 
$\rho gc$&C&0.408&0&0.408\\ 
$\rho z$&C&0.539&0&0.539\\ 
$\rho tk$&C&0.980&0&0.980\\ 
$\rho tl$&C&0.980&0&0.980\\ 
$\rho tc$&C&0.980&0&0.980\\ 
$\rho eg$&C&0.936&0&0.936\\ 
$\rho ez$&C&0.995&0&0.995\\ 
$\rho ezlr$&C&0.996&0&0.996\\ 
$\rho a$&C&0.311&0&0.311\\ 
$\rho b$&C&0.795&0&0.795\\ 
$\rho em$&C&0.242&0&0.242\\ 
$\rho i$&C&0.922&0&0.922\\ 
$\rho w$&C&0&0&0\\ 
$\rho p$&C&0&0&0\\ 
$\rho rp$&C&0.904&0&0.904\\ 
$\rho \pi drift$&C&0.997&0&0.997\\ 
$\rho bsh$&C&0.492&0&0.492\\ 
ssR&C&1&0&1\\ 
siggc&I&2.004&0.500&4.570\\ 
sigz&I&2.952&0.500&4.993\\ 
sigzlr&I&0.596&0.500&1.391\\ 
siga&I&1.216&0.500&3.679\\ 
sigb&I&4.993&0.500&4.998\\ 
sigm&I&0.242&0.500&0.113\\ 
sigi&I&0.498&0.500&2.613\\ 
sigw&I&0.345&0.500&0.660\\ 
sigp&I&0.169&0.500&0.139\\ 
sigrp&I&0.382&0.500&3.123\\ 
$sig\pi star$&I&1.326&0.500&4.986\\ 
sigbsh&I&0.390&0.500&4.992\\ 
$STD_{gdpME}$&I&0.434&0.200&1.696\\ 
$STD_{byME}$&I&0.324&0.200&4.991\\ 
$STD_{beiME}$&I&0.500&0.200&0.201\\ 
flagEFFR&C&1&0&1\\ 
$\nu mSignal$&C&10&0&10\\ 
flagEINFL&C&1&0&1\\ 
InflExpHor&C&20&0&20\\ 
$A_{0}$&C&0.500&0&0.500\\ 
$A_{1}$&N&0&2&-0.767\\ 
$A_{2}$&N&0&2&-0.395\\ 
$A_{3}$&N&0&2&-0.349\\ 
$A_{4}$&N&0&2&-0.080\\ 
$A_{5}$&C&0&0&0\\ 
$A_{6}$&N&0&2&0.180\\ 
$A_{7}$&N&0&2&0.223\\ 
$A_{8}$&N&0&2&0.374\\ 
$A_{9}$&N&0&2&0.366\\ 
$A_{10}$&N&0&2&0.936\\ 
$B_{0}$&C&0&0&0\\ 
$B_{1}$&N&0&2&-0.007\\ 
$B_{2}$&N&0&2&-0.026\\ 
$B_{3}$&N&0&2&-0.045\\ 
$B_{4}$&N&0&2&-0.056\\ 
$B_{5}$&N&0&2&-0.068\\ 
$B_{6}$&N&0&2&-0.075\\ 
$B_{7}$&N&0&2&-0.081\\ 
$B_{8}$&N&0&2&-0.084\\ 
$B_{9}$&N&0&2&-0.086\\ 
$B_{10}$&N&0&2&-0.036\\ 
$stdID_{0}$&C&0&0&0\\ 
$stdID_{1}$&I&0.100&5&0.051\\ 
$stdID_{2}$&I&0.100&0.015&0.060\\ 
$stdID_{3}$&I&0.100&0.015&0.056\\ 
$stdID_{4}$&I&0.100&0.015&0.055\\ 
$stdID_{5}$&I&0.100&0.015&0.054\\ 
$stdID_{6}$&I&0.100&0.015&0.054\\ 
$stdID_{7}$&I&0.100&0.015&0.054\\ 
$stdID_{8}$&I&0.100&0.015&0.055\\ 
$stdID_{9}$&I&0.100&0.015&0.057\\ 
$stdID_{10}$&I&0.100&0.015&0.091\\ 
$std_{factorA}$&N&0.050&0.050&0.069\\ 
$std_{factorB}$&N&1.500&2&1.640\\ \hline 
\caption{Table 1} 
\end{longtable} 
\end{center} 

\begin{center} 
\scriptsize 
\begin{longtable}{|l|c|} 
\multicolumn{2}{c}{Prior Posterior Table}\\ \hline 
Parameters&$Std Mode$ \\\hline \endhead 
\hline \endfoot 
AD&NaN\\ 
bet&NaN\\ 
delt&NaN\\ 
alph&NaN\\ 
$\eta w$&NaN\\ 
$\eta p$&NaN\\ 
sgc&NaN\\ 
sb&NaN\\ 
$\tau l$&NaN\\ 
$\tau k$&NaN\\ 
$\tau c$&NaN\\ 
gamm100&NaN\\ 
$\pi star100$&NaN\\ 
$\xi $&NaN\\ 
$\mu HH$&NaN\\ 
$\omega w$&NaN\\ 
$\omega p$&NaN\\ 
$g\psi $&NaN\\ 
s&NaN\\ 
$\chi w$&NaN\\ 
$\chi p$&NaN\\ 
thet&NaN\\ 
$\alpha g$&NaN\\ 
$\phi \pi $&NaN\\ 
$\phi y$&NaN\\ 
$\phi \pi c$&NaN\\ 
gammgc&NaN\\ 
gammtk&NaN\\ 
gammtl&NaN\\ 
gammtc&NaN\\ 
gammz&NaN\\ 
$\phi zy$&NaN\\ 
gammgcc&NaN\\ 
gammtkc&NaN\\ 
gammtlc&NaN\\ 
gammtcc&NaN\\ 
gammzc&NaN\\ 
nfrp&NaN\\ 
$\rho r$&NaN\\ 
$\rho gc$&NaN\\ 
$\rho z$&NaN\\ 
$\rho tk$&NaN\\ 
$\rho tl$&NaN\\ 
$\rho tc$&NaN\\ 
$\rho eg$&NaN\\ 
$\rho ez$&NaN\\ 
$\rho ezlr$&NaN\\ 
$\rho a$&NaN\\ 
$\rho b$&NaN\\ 
$\rho em$&NaN\\ 
$\rho i$&NaN\\ 
$\rho w$&NaN\\ 
$\rho p$&NaN\\ 
$\rho rp$&NaN\\ 
$\rho \pi drift$&NaN\\ 
$\rho bsh$&NaN\\ 
ssR&NaN\\ 
siggc&NaN\\ 
sigz&NaN\\ 
sigzlr&NaN\\ 
siga&NaN\\ 
sigb&NaN\\ 
sigm&NaN\\ 
sigi&NaN\\ 
sigw&NaN\\ 
sigp&NaN\\ 
sigrp&NaN\\ 
$sig\pi star$&NaN\\ 
sigbsh&NaN\\ 
$STD_{gdpME}$&NaN\\ 
$STD_{byME}$&NaN\\ 
$STD_{beiME}$&NaN\\ 
flagEFFR&NaN\\ 
$\nu mSignal$&NaN\\ 
flagEINFL&NaN\\ 
InflExpHor&NaN\\ 
$A_{0}$&NaN\\ 
$A_{1}$&NaN\\ 
$A_{2}$&NaN\\ 
$A_{3}$&NaN\\ 
$A_{4}$&NaN\\ 
$A_{5}$&NaN\\ 
$A_{6}$&NaN\\ 
$A_{7}$&NaN\\ 
$A_{8}$&NaN\\ 
$A_{9}$&NaN\\ 
$A_{10}$&NaN\\ 
$B_{0}$&NaN\\ 
$B_{1}$&NaN\\ 
$B_{2}$&NaN\\ 
$B_{3}$&NaN\\ 
$B_{4}$&NaN\\ 
$B_{5}$&NaN\\ 
$B_{6}$&NaN\\ 
$B_{7}$&NaN\\ 
$B_{8}$&NaN\\ 
$B_{9}$&NaN\\ 
$B_{10}$&NaN\\ 
$stdID_{0}$&NaN\\ 
$stdID_{1}$&NaN\\ 
$stdID_{2}$&NaN\\ 
$stdID_{3}$&NaN\\ 
$stdID_{4}$&NaN\\ 
$stdID_{5}$&NaN\\ 
$stdID_{6}$&NaN\\ 
$stdID_{7}$&NaN\\ 
$stdID_{8}$&NaN\\ 
$stdID_{9}$&NaN\\ 
$stdID_{10}$&NaN\\ 
$std_{factorA}$&NaN\\ 
$std_{factorB}$&NaN\\ \hline 
\caption{Table 1} 
\end{longtable} 
\end{center} 

Log Posterior = -1051.2667 
\smallskip 
Log Likelihood =-926.3164 
\pagebreak 
\section{Spectrum Decomposition} 
\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.035&0.294\\ 
$consumption: Non-Savers$&0.002&0.009&0.029&0.051\\ 
$nominal interest rate$&0.000&0.000&0.000&0.022\\ 
investment&0.000&0.000&0.017&0.012\\ 
labor&0.002&0.000&0.027&0.019\\ 
output&0.002&0.000&0.025&0.029\\ 
$govt consumption$&0.328&0.002&0.000&0.008\\ 
$aggregate consumption$&0.000&0.001&0.037&0.261\\ 
$real wage$&0.000&0.000&0.001&0.569\\ 
$govt debt$&0.005&0.010&0.012&0.012\\ 
inflation&0.000&0.000&0.034&0.023\\ 
$b/y ratio$&0.003&0.003&0.017&0.012\\ 
$inflation CF$&0.000&0.000&0.000&0.024\\ 
$b/y ratio CF$&0.003&0.003&0.000&0.012\\ 
$\tau k$&0.003&0.004&0.000&0.012\\ 
$\tau l$&0.003&0.004&0.000&0.012\\ 
$\tau c$&0.002&0.001&0.024&0.046\\ 
$real interest rate$&0.000&0.000&0.028&0.023\\ 
$transfers total$&0.000&0.461&0.028&0.000\\ 
$transfers adjustments$&0.000&0.001&0.002&0.000\\ 
$price of bonds$&0.001&0.000&0.000&0.020\\ 
$g shock$&1&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1&0.000\\ 
$GDPobs_{me}$&0.003&0.000&0.023&0.053\\ 
cobs&0.000&0.001&0.041&0.123\\ 
iobs&0.000&0.000&0.016&0.023\\ 
labor&0.002&0.000&0.027&0.019\\ 
$nominal interest rate$&0.000&0.000&0.000&0.022\\ 
wobs&0.000&0.000&0.002&0.315\\ 
inflation&0.000&0.000&0.034&0.023\\ 
zobs&0.000&0.286&0.019&0.289\\ 
gobs&0.334&0.002&0.000&0.127\\ 
$Debt-To-GDP_{me}$&0.003&0.003&0.017&0.012\\ 
$EFFR 1$&0.000&0.000&0.000&0.020\\ 
$EFFR 2$&0.000&0.000&0.000&0.017\\ 
$EFFR 3$&0.000&0.000&0.000&0.013\\ 
$EFFR 4$&0.000&0.000&0.000&0.010\\ 
$EFFR 5$&0.000&0.000&0.000&0.007\\ 
$EFFR 6$&0.000&0.000&0.000&0.005\\ 
$EFFR 7$&0.000&0.000&0.000&0.003\\ 
$EFFR 8$&0.000&0.000&0.000&0.002\\ 
$EFFR 9$&0.000&0.000&0.000&0.001\\ 
$EFFR 10$&0.000&0.000&0.000&0.001\\ 
$BEIobs_{me}$&0.000&0.000&0.043&0.002\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.024&0.000&0.028&0.003\\ 
$consumption: Non-Savers$&0.001&0.000&0.426&0.002\\ 
$nominal interest rate$&0.001&0.001&0.404&0.002\\ 
investment&0.000&0.000&0.686&0.001\\ 
labor&0.001&0.000&0.471&0.002\\ 
output&0.001&0.000&0.478&0.001\\ 
$govt consumption$&0.002&0.000&0.324&0.001\\ 
$aggregate consumption$&0.020&0.000&0.021&0.003\\ 
$real wage$&0.000&0.000&0.078&0.041\\ 
$govt debt$&0.003&0.000&0.322&0.006\\ 
inflation&0.001&0.000&0.402&0.003\\ 
$b/y ratio$&0.002&0.000&0.469&0.001\\ 
$inflation CF$&0.001&0.000&0.418&0.003\\ 
$b/y ratio CF$&0.002&0.000&0.481&0.002\\ 
$\tau k$&0.002&0.000&0.474&0.001\\ 
$\tau l$&0.002&0.000&0.474&0.001\\ 
$\tau c$&0.004&0.000&0.472&0.002\\ 
$real interest rate$&0.001&0.003&0.377&0.002\\ 
$transfers total$&0.000&0.000&0.014&0.000\\ 
$transfers adjustments$&0.000&0.000&0.028&0.001\\ 
$price of bonds$&0.004&0.000&0.760&0.005\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$GDPobs_{me}$&0.001&0.000&0.462&0.001\\ 
cobs&0.024&0.000&0.027&0.003\\ 
iobs&0.000&0.000&0.672&0.001\\ 
labor&0.001&0.000&0.471&0.002\\ 
$nominal interest rate$&0.001&0.001&0.404&0.002\\ 
wobs&0.000&0.000&0.104&0.097\\ 
inflation&0.001&0.000&0.402&0.003\\ 
zobs&0.000&0.000&0.007&0.000\\ 
gobs&0.001&0.000&0.270&0.001\\ 
$Debt-To-GDP_{me}$&0.002&0.000&0.468&0.001\\ 
$EFFR 1$&0.001&0.001&0.406&0.002\\ 
$EFFR 2$&0.001&0.000&0.408&0.002\\ 
$EFFR 3$&0.001&0.000&0.409&0.002\\ 
$EFFR 4$&0.001&0.000&0.408&0.001\\ 
$EFFR 5$&0.001&0.000&0.405&0.001\\ 
$EFFR 6$&0.001&0.000&0.401&0.001\\ 
$EFFR 7$&0.001&0.000&0.396&0.001\\ 
$EFFR 8$&0.001&0.000&0.389&0.001\\ 
$EFFR 9$&0.001&0.000&0.382&0.000\\ 
$EFFR 10$&0.001&0.000&0.374&0.000\\ 
$BEIobs_{me}$&0.001&0.000&0.311&0.001\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.550&0.040&0.000\\ 
$consumption: Non-Savers$&0.000&0.347&0.108&0.009\\ 
$nominal interest rate$&0.001&0.502&0.027&0.000\\ 
investment&0.000&0.222&0.046&0.000\\ 
labor&0.000&0.399&0.060&0.000\\ 
output&0.000&0.379&0.064&0.000\\ 
$govt consumption$&0.000&0.303&0.030&0.002\\ 
$aggregate consumption$&0.000&0.575&0.056&0.000\\ 
$real wage$&0.001&0.015&0.294&0.000\\ 
$govt debt$&0.000&0.513&0.059&0.009\\ 
inflation&0.001&0.503&0.030&0.000\\ 
$b/y ratio$&0.000&0.437&0.043&0.003\\ 
$inflation CF$&0.001&0.522&0.031&0.000\\ 
$b/y ratio CF$&0.000&0.449&0.044&0.003\\ 
$\tau k$&0.000&0.453&0.047&0.003\\ 
$\tau l$&0.000&0.453&0.047&0.003\\ 
$\tau c$&0.000&0.352&0.084&0.001\\ 
$real interest rate$&0.002&0.462&0.031&0.000\\ 
$transfers total$&0.000&0.034&0.004&0.457\\ 
$transfers adjustments$&0.000&0.066&0.008&0.891\\ 
$price of bonds$&0.000&0.114&0.018&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$GDPobs_{me}$&0.000&0.370&0.060&0.000\\ 
cobs&0.000&0.690&0.063&0.001\\ 
iobs&0.000&0.227&0.045&0.000\\ 
labor&0.000&0.399&0.060&0.000\\ 
$nominal interest rate$&0.001&0.502&0.027&0.000\\ 
wobs&0.002&0.029&0.449&0.000\\ 
inflation&0.001&0.503&0.030&0.000\\ 
zobs&0.000&0.016&0.002&0.380\\ 
gobs&0.000&0.241&0.022&0.002\\ 
$Debt-To-GDP_{me}$&0.000&0.436&0.043&0.003\\ 
$EFFR 1$&0.000&0.507&0.025&0.000\\ 
$EFFR 2$&0.000&0.515&0.020&0.000\\ 
$EFFR 3$&0.000&0.523&0.015&0.000\\ 
$EFFR 4$&0.000&0.530&0.011&0.000\\ 
$EFFR 5$&0.000&0.537&0.007&0.000\\ 
$EFFR 6$&0.000&0.545&0.005&0.000\\ 
$EFFR 7$&0.000&0.553&0.004&0.000\\ 
$EFFR 8$&0.000&0.563&0.003&0.000\\ 
$EFFR 9$&0.000&0.577&0.003&0.000\\ 
$EFFR 10$&0.000&0.594&0.004&0.000\\ 
$BEIobs_{me}$&0.000&0.618&0.003&0.000\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.024&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.016&0.000&0.000\\ 
$nominal interest rate$&0.002&0.034&0.000&0.000\\ 
investment&0.000&0.014&0.000&0.000\\ 
labor&0.000&0.020&0.000&0.000\\ 
output&0.000&0.019&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.025&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.001&0.047&0.000&0.000\\ 
inflation&0.000&0.002&0.000&0.000\\ 
$b/y ratio$&0.000&0.008&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.010&0.000&0.000\\ 
$real interest rate$&0.005&0.061&0.000&0.001\\ 
$transfers total$&0.000&0.001&0.000&0.000\\ 
$transfers adjustments$&0.000&0.002&0.000&0.000\\ 
$price of bonds$&0.001&0.072&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$GDPobs_{me}$&0.000&0.017&0.000&0.000\\ 
cobs&0.000&0.026&0.000&0.000\\ 
iobs&0.000&0.013&0.000&0.000\\ 
labor&0.000&0.020&0.000&0.000\\ 
$nominal interest rate$&0.002&0.034&0.000&0.000\\ 
wobs&0.000&0.001&0.000&0.000\\ 
inflation&0.000&0.002&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.008&0.000&0.000\\ 
$EFFR 1$&0.002&0.033&0.000&0.000\\ 
$EFFR 2$&0.002&0.033&0.000&0.000\\ 
$EFFR 3$&0.002&0.034&0.000&0.000\\ 
$EFFR 4$&0.001&0.035&0.000&0.000\\ 
$EFFR 5$&0.001&0.038&0.000&0.000\\ 
$EFFR 6$&0.001&0.040&0.000&0.000\\ 
$EFFR 7$&0.001&0.040&0.000&0.000\\ 
$EFFR 8$&0.001&0.037&0.000&0.000\\ 
$EFFR 9$&0.002&0.031&0.000&0.000\\ 
$EFFR 10$&0.002&0.023&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.012&0.000&0.000\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.000&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.000&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.000&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.000&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.000\\ 
$EFFR 7$&0.000&0.000&0.000&0.000\\ 
$EFFR 8$&0.000&0.000&0.000&0.000\\ 
$EFFR 9$&0.000&0.000&0.000&0.000\\ 
$EFFR 10$&0.000&0.000&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.001\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.000&0.000&0.000&0.001\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.001\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.001\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.001\\ 
$EFFR 2$&0.000&0.000&0.000&0.001\\ 
$EFFR 3$&0.000&0.000&0.000&0.001\\ 
$EFFR 4$&0.000&0.000&0.000&0.001\\ 
$EFFR 5$&0.000&0.000&0.000&0.001\\ 
$EFFR 6$&0.000&0.000&0.000&0.001\\ 
$EFFR 7$&0.000&0.000&0.000&0.001\\ 
$EFFR 8$&0.000&0.000&0.000&0.001\\ 
$EFFR 9$&0.000&0.000&0.000&0.001\\ 
$EFFR 10$&0.000&0.000&0.000&0.001\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Spectral Decomposition}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0\\ 
$consumption: Non-Savers$&0.000&0.000&0\\ 
$nominal interest rate$&0.000&0.000&0\\ 
investment&0.000&0.000&0\\ 
labor&0.000&0.000&0\\ 
output&0.000&0.000&0\\ 
$govt consumption$&0.000&0.000&0\\ 
$aggregate consumption$&0.000&0.000&0\\ 
$real wage$&0.000&0.000&0\\ 
$govt debt$&0.000&0.000&0\\ 
inflation&0.000&0.000&0\\ 
$b/y ratio$&0.000&0.000&0\\ 
$inflation CF$&0.000&0.000&0\\ 
$b/y ratio CF$&0.000&0.000&0\\ 
$\tau k$&0.000&0.000&0\\ 
$\tau l$&0.000&0.000&0\\ 
$\tau c$&0.000&0.000&0\\ 
$real interest rate$&0.000&0.000&0\\ 
$transfers total$&0.000&0.000&0\\ 
$transfers adjustments$&0.000&0.000&0\\ 
$price of bonds$&0.000&0.000&0\\ 
$g shock$&0.000&0.000&0\\ 
$funded tranfer shock$&0.000&0.000&0\\ 
$unfunded tranfer shock$&0.000&0.000&0\\ 
$GDPobs_{me}$&0.009&0.000&0\\ 
cobs&0.000&0.000&0\\ 
iobs&0.000&0.000&0\\ 
labor&0.000&0.000&0\\ 
$nominal interest rate$&0.000&0.000&0\\ 
wobs&0.000&0.000&0\\ 
inflation&0.000&0.000&0\\ 
zobs&0.000&0.000&0\\ 
gobs&0.000&0.000&0\\ 
$Debt-To-GDP_{me}$&0.000&0.002&0\\ 
$EFFR 1$&0.000&0.000&0\\ 
$EFFR 2$&0.000&0.000&0\\ 
$EFFR 3$&0.000&0.000&0\\ 
$EFFR 4$&0.000&0.000&0\\ 
$EFFR 5$&0.000&0.000&0\\ 
$EFFR 6$&0.000&0.000&0\\ 
$EFFR 7$&0.000&0.000&0\\ 
$EFFR 8$&0.000&0.000&0\\ 
$EFFR 9$&0.000&0.000&0\\ 
$EFFR 10$&0.000&0.000&0\\ 
$BEIobs_{me}$&0.000&0.000&0.008\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\pagebreak 
\pagebreak 
\section{Asymptotic Variance Decompositions} 
\subsection{Observables} 
\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.008&0.000&0.018&0.042\\ 
cobs&0.000&0.004&0.034&0.064\\ 
iobs&0.000&0.000&0.012&0.017\\ 
labor&0.009&0.000&0.019&0.034\\ 
$nominal interest rate$&0.001&0.000&0.000&0.038\\ 
wobs&0.000&0.000&0.005&0.116\\ 
inflation&0.001&0.000&0.032&0.038\\ 
zobs&0.000&0.378&0.028&0.216\\ 
gobs&0.607&0.000&0.000&0.393\\ 
$Debt-To-GDP_{me}$&0.004&0.000&0.006&0.004\\ 
$EFFR 1$&0.001&0.000&0.000&0.034\\ 
$EFFR 2$&0.001&0.000&0.000&0.027\\ 
$EFFR 3$&0.000&0.000&0.000&0.021\\ 
$EFFR 4$&0.000&0.000&0.000&0.016\\ 
$EFFR 5$&0.000&0.000&0.000&0.011\\ 
$EFFR 6$&0.000&0.000&0.000&0.007\\ 
$EFFR 7$&0.000&0.000&0.000&0.005\\ 
$EFFR 8$&0.000&0.000&0.000&0.003\\ 
$EFFR 9$&0.000&0.000&0.000&0.001\\ 
$EFFR 10$&0.000&0.000&0.000&0.001\\ 
$BEIobs_{me}$&0.000&0.000&0.048&0.002\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.001&0.000&0.434&0.000\\ 
cobs&0.024&0.000&0.070&0.000\\ 
iobs&0.000&0.000&0.667&0.001\\ 
labor&0.001&0.000&0.475&0.001\\ 
$nominal interest rate$&0.001&0.025&0.365&0.005\\ 
wobs&0.000&0.000&0.094&0.486\\ 
inflation&0.001&0.000&0.361&0.005\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.005&0.000&0.812&0.005\\ 
$EFFR 1$&0.001&0.006&0.382&0.005\\ 
$EFFR 2$&0.001&0.002&0.390&0.004\\ 
$EFFR 3$&0.001&0.001&0.392&0.003\\ 
$EFFR 4$&0.001&0.000&0.392&0.002\\ 
$EFFR 5$&0.001&0.000&0.388&0.002\\ 
$EFFR 6$&0.001&0.000&0.380&0.002\\ 
$EFFR 7$&0.001&0.000&0.369&0.001\\ 
$EFFR 8$&0.001&0.000&0.353&0.001\\ 
$EFFR 9$&0.001&0.000&0.333&0.001\\ 
$EFFR 10$&0.001&0.000&0.315&0.001\\ 
$BEIobs_{me}$&0.001&0.000&0.213&0.001\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.378&0.041&0.000\\ 
cobs&0.000&0.753&0.040&0.004\\ 
iobs&0.000&0.261&0.036&0.000\\ 
labor&0.000&0.414&0.039&0.000\\ 
$nominal interest rate$&0.015&0.495&0.055&0.000\\ 
wobs&0.008&0.072&0.218&0.000\\ 
inflation&0.015&0.491&0.056&0.000\\ 
zobs&0.000&0.000&0.000&0.378\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.016&0.000&0.001\\ 
$EFFR 1$&0.003&0.523&0.043&0.000\\ 
$EFFR 2$&0.001&0.540&0.032&0.000\\ 
$EFFR 3$&0.000&0.554&0.022&0.000\\ 
$EFFR 4$&0.000&0.566&0.014&0.000\\ 
$EFFR 5$&0.000&0.576&0.009&0.000\\ 
$EFFR 6$&0.000&0.585&0.005&0.000\\ 
$EFFR 7$&0.000&0.593&0.002&0.000\\ 
$EFFR 8$&0.000&0.601&0.001&0.000\\ 
$EFFR 9$&0.000&0.608&0.000&0.000\\ 
$EFFR 10$&0.000&0.627&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.630&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.005&0.000&0.000\\ 
cobs&0.000&0.006&0.000&0.000\\ 
iobs&0.000&0.005&0.000&0.000\\ 
labor&0.000&0.006&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.013&0.000&0.000\\ 
$EFFR 1$&0.002&0.000&0.002&0.000\\ 
$EFFR 2$&0.001&0.001&0.000&0.001\\ 
$EFFR 3$&0.001&0.003&0.000&0.000\\ 
$EFFR 4$&0.001&0.006&0.000&0.000\\ 
$EFFR 5$&0.000&0.012&0.000&0.000\\ 
$EFFR 6$&0.000&0.018&0.000&0.000\\ 
$EFFR 7$&0.000&0.027&0.000&0.000\\ 
$EFFR 8$&0.000&0.039&0.000&0.000\\ 
$EFFR 9$&0.001&0.053&0.000&0.000\\ 
$EFFR 10$&0.003&0.047&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.007&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.001&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.001&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.001&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.001\\ 
$EFFR 7$&0.000&0.000&0.000&0.000\\ 
$EFFR 8$&0.000&0.000&0.000&0.000\\ 
$EFFR 9$&0.000&0.000&0.000&0.000\\ 
$EFFR 10$&0.000&0.000&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.000&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.000&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.000&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.000\\ 
$EFFR 7$&0.001&0.000&0.000&0.000\\ 
$EFFR 8$&0.000&0.001&0.000&0.000\\ 
$EFFR 9$&0.000&0.000&0.001&0.000\\ 
$EFFR 10$&0.000&0.000&0.001&0.003\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.073&0&0\\ 
cobs&0&0&0\\ 
iobs&0&0&0\\ 
labor&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
wobs&0&0&0\\ 
inflation&0&0&0\\ 
zobs&0&0&0\\ 
gobs&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0.132&0\\ 
$EFFR 1$&0&0&0\\ 
$EFFR 2$&0&0&0\\ 
$EFFR 3$&0&0&0\\ 
$EFFR 4$&0&0&0\\ 
$EFFR 5$&0&0&0\\ 
$EFFR 6$&0&0&0\\ 
$EFFR 7$&0&0&0\\ 
$EFFR 8$&0&0&0\\ 
$EFFR 9$&0&0&0\\ 
$EFFR 10$&0&0&0\\ 
$BEIobs_{me}$&0&0&0.095\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.005&0.000&0.018&0.045\\ 
cobs&0.000&0.003&0.034&0.083\\ 
iobs&0.000&0.000&0.013&0.019\\ 
labor&0.006&0.000&0.020&0.014\\ 
$nominal interest rate$&0.001&0.000&0.000&0.035\\ 
wobs&0.000&0.000&0.004&0.203\\ 
inflation&0.001&0.000&0.033&0.033\\ 
zobs&0.000&0.369&0.027&0.231\\ 
gobs&0.532&0.000&0.000&0.322\\ 
$Debt-To-GDP_{me}$&0.003&0.001&0.010&0.002\\ 
$EFFR 1$&0.001&0.000&0.000&0.029\\ 
$EFFR 2$&0.001&0.000&0.000&0.024\\ 
$EFFR 3$&0.000&0.000&0.000&0.018\\ 
$EFFR 4$&0.000&0.000&0.000&0.013\\ 
$EFFR 5$&0.000&0.000&0.000&0.009\\ 
$EFFR 6$&0.000&0.000&0.000&0.006\\ 
$EFFR 7$&0.000&0.000&0.000&0.004\\ 
$EFFR 8$&0.000&0.000&0.000&0.002\\ 
$EFFR 9$&0.000&0.000&0.000&0.001\\ 
$EFFR 10$&0.000&0.000&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.000&0.051&0.002\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.001&0.000&0.470&0.000\\ 
cobs&0.022&0.000&0.074&0.001\\ 
iobs&0.000&0.000&0.674&0.001\\ 
labor&0.001&0.000&0.497&0.001\\ 
$nominal interest rate$&0.001&0.010&0.378&0.005\\ 
wobs&0.000&0.000&0.098&0.343\\ 
inflation&0.001&0.000&0.370&0.005\\ 
zobs&0.000&0.000&0.002&0.000\\ 
gobs&0.001&0.000&0.142&0.001\\ 
$Debt-To-GDP_{me}$&0.005&0.000&0.856&0.004\\ 
$EFFR 1$&0.001&0.003&0.387&0.004\\ 
$EFFR 2$&0.001&0.001&0.391&0.003\\ 
$EFFR 3$&0.001&0.000&0.392&0.003\\ 
$EFFR 4$&0.001&0.000&0.390&0.002\\ 
$EFFR 5$&0.001&0.000&0.384&0.002\\ 
$EFFR 6$&0.001&0.000&0.375&0.001\\ 
$EFFR 7$&0.001&0.000&0.361&0.001\\ 
$EFFR 8$&0.001&0.000&0.344&0.001\\ 
$EFFR 9$&0.001&0.000&0.325&0.001\\ 
$EFFR 10$&0.001&0.000&0.307&0.001\\ 
$BEIobs_{me}$&0.002&0.000&0.207&0.001\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.361&0.046&0.000\\ 
cobs&0.000&0.726&0.047&0.002\\ 
iobs&0.000&0.248&0.040&0.000\\ 
labor&0.000&0.409&0.044&0.000\\ 
$nominal interest rate$&0.006&0.517&0.046&0.000\\ 
wobs&0.006&0.062&0.284&0.000\\ 
inflation&0.006&0.507&0.044&0.000\\ 
zobs&0.000&0.001&0.000&0.369\\ 
gobs&0.000&0.003&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.061&0.002&0.002\\ 
$EFFR 1$&0.002&0.534&0.036&0.000\\ 
$EFFR 2$&0.000&0.548&0.026&0.000\\ 
$EFFR 3$&0.000&0.560&0.018&0.000\\ 
$EFFR 4$&0.000&0.571&0.011&0.000\\ 
$EFFR 5$&0.000&0.580&0.007&0.000\\ 
$EFFR 6$&0.000&0.589&0.003&0.000\\ 
$EFFR 7$&0.000&0.597&0.001&0.000\\ 
$EFFR 8$&0.000&0.604&0.000&0.000\\ 
$EFFR 9$&0.000&0.617&0.000&0.000\\ 
$EFFR 10$&0.000&0.643&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.671&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.006&0.000&0.000\\ 
cobs&0.000&0.007&0.000&0.000\\ 
iobs&0.000&0.005&0.000&0.000\\ 
labor&0.000&0.007&0.000&0.000\\ 
$nominal interest rate$&0.001&0.000&0.001&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.007&0.000&0.000\\ 
$EFFR 1$&0.002&0.001&0.001&0.001\\ 
$EFFR 2$&0.001&0.002&0.000&0.001\\ 
$EFFR 3$&0.001&0.005&0.000&0.000\\ 
$EFFR 4$&0.001&0.009&0.000&0.000\\ 
$EFFR 5$&0.000&0.015&0.000&0.000\\ 
$EFFR 6$&0.000&0.023&0.000&0.000\\ 
$EFFR 7$&0.000&0.033&0.000&0.000\\ 
$EFFR 8$&0.000&0.045&0.000&0.000\\ 
$EFFR 9$&0.002&0.050&0.000&0.000\\ 
$EFFR 10$&0.003&0.040&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.009&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.001&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.000&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.000&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.000\\ 
$EFFR 7$&0.000&0.000&0.000&0.000\\ 
$EFFR 8$&0.000&0.000&0.000&0.000\\ 
$EFFR 9$&0.000&0.000&0.000&0.000\\ 
$EFFR 10$&0.000&0.000&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.000&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.000&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.000&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.000\\ 
$EFFR 7$&0.001&0.000&0.000&0.000\\ 
$EFFR 8$&0.000&0.001&0.000&0.000\\ 
$EFFR 9$&0.000&0.000&0.001&0.001\\ 
$EFFR 10$&0.000&0.000&0.001&0.002\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.047&0&0\\ 
cobs&0&0&0\\ 
iobs&0&0&0\\ 
labor&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
wobs&0&0&0\\ 
inflation&0&0&0\\ 
zobs&0&0&0\\ 
gobs&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0.048&0\\ 
$EFFR 1$&0&0&0\\ 
$EFFR 2$&0&0&0\\ 
$EFFR 3$&0&0&0\\ 
$EFFR 4$&0&0&0\\ 
$EFFR 5$&0&0&0\\ 
$EFFR 6$&0&0&0\\ 
$EFFR 7$&0&0&0\\ 
$EFFR 8$&0&0&0\\ 
$EFFR 9$&0&0&0\\ 
$EFFR 10$&0&0&0\\ 
$BEIobs_{me}$&0&0&0.056\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.004&0.000&0.018&0.051\\ 
cobs&0.000&0.002&0.035&0.109\\ 
iobs&0.000&0.000&0.013&0.021\\ 
labor&0.003&0.000&0.021&0.004\\ 
$nominal interest rate$&0.001&0.000&0.000&0.026\\ 
wobs&0.000&0.000&0.003&0.236\\ 
inflation&0.000&0.000&0.035&0.024\\ 
zobs&0.000&0.352&0.026&0.222\\ 
gobs&0.426&0.001&0.000&0.259\\ 
$Debt-To-GDP_{me}$&0.001&0.002&0.014&0.001\\ 
$EFFR 1$&0.001&0.000&0.000&0.022\\ 
$EFFR 2$&0.000&0.000&0.000&0.018\\ 
$EFFR 3$&0.000&0.000&0.000&0.013\\ 
$EFFR 4$&0.000&0.000&0.000&0.010\\ 
$EFFR 5$&0.000&0.000&0.000&0.007\\ 
$EFFR 6$&0.000&0.000&0.000&0.004\\ 
$EFFR 7$&0.000&0.000&0.000&0.003\\ 
$EFFR 8$&0.000&0.000&0.000&0.001\\ 
$EFFR 9$&0.000&0.000&0.000&0.001\\ 
$EFFR 10$&0.000&0.000&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.000&0.056&0.001\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.001&0.000&0.482&0.001\\ 
cobs&0.018&0.000&0.080&0.002\\ 
iobs&0.000&0.000&0.685&0.001\\ 
labor&0.001&0.000&0.503&0.001\\ 
$nominal interest rate$&0.001&0.003&0.388&0.004\\ 
wobs&0.000&0.000&0.112&0.256\\ 
inflation&0.001&0.000&0.376&0.003\\ 
zobs&0.000&0.000&0.003&0.000\\ 
gobs&0.001&0.000&0.223&0.001\\ 
$Debt-To-GDP_{me}$&0.003&0.000&0.733&0.001\\ 
$EFFR 1$&0.001&0.001&0.390&0.003\\ 
$EFFR 2$&0.001&0.001&0.390&0.003\\ 
$EFFR 3$&0.001&0.000&0.388&0.002\\ 
$EFFR 4$&0.001&0.000&0.382&0.002\\ 
$EFFR 5$&0.001&0.000&0.373&0.001\\ 
$EFFR 6$&0.001&0.000&0.361&0.001\\ 
$EFFR 7$&0.001&0.000&0.346&0.001\\ 
$EFFR 8$&0.001&0.000&0.329&0.001\\ 
$EFFR 9$&0.001&0.000&0.309&0.001\\ 
$EFFR 10$&0.001&0.000&0.287&0.001\\ 
$BEIobs_{me}$&0.002&0.000&0.181&0.001\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.349&0.054&0.000\\ 
cobs&0.000&0.685&0.056&0.002\\ 
iobs&0.000&0.230&0.044&0.000\\ 
labor&0.000&0.406&0.053&0.000\\ 
$nominal interest rate$&0.002&0.540&0.031&0.000\\ 
wobs&0.004&0.051&0.336&0.000\\ 
inflation&0.003&0.528&0.029&0.000\\ 
zobs&0.000&0.002&0.000&0.395\\ 
gobs&0.000&0.084&0.004&0.001\\ 
$Debt-To-GDP_{me}$&0.000&0.214&0.013&0.003\\ 
$EFFR 1$&0.001&0.551&0.024&0.000\\ 
$EFFR 2$&0.000&0.561&0.018&0.000\\ 
$EFFR 3$&0.000&0.571&0.012&0.000\\ 
$EFFR 4$&0.000&0.580&0.008&0.000\\ 
$EFFR 5$&0.000&0.588&0.004&0.000\\ 
$EFFR 6$&0.000&0.596&0.002&0.000\\ 
$EFFR 7$&0.000&0.605&0.001&0.000\\ 
$EFFR 8$&0.000&0.620&0.000&0.000\\ 
$EFFR 9$&0.000&0.641&0.001&0.000\\ 
$EFFR 10$&0.000&0.671&0.001&0.000\\ 
$BEIobs_{me}$&0.000&0.709&0.001&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.006&0.000&0.000\\ 
cobs&0.000&0.009&0.000&0.000\\ 
iobs&0.000&0.005&0.000&0.000\\ 
labor&0.000&0.007&0.000&0.000\\ 
$nominal interest rate$&0.001&0.002&0.001&0.001\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.002&0.000&0.000\\ 
$EFFR 1$&0.001&0.003&0.000&0.000\\ 
$EFFR 2$&0.001&0.006&0.000&0.000\\ 
$EFFR 3$&0.001&0.010&0.000&0.000\\ 
$EFFR 4$&0.000&0.016&0.000&0.000\\ 
$EFFR 5$&0.000&0.023&0.000&0.000\\ 
$EFFR 6$&0.000&0.033&0.000&0.000\\ 
$EFFR 7$&0.001&0.040&0.000&0.000\\ 
$EFFR 8$&0.001&0.043&0.000&0.000\\ 
$EFFR 9$&0.002&0.041&0.000&0.000\\ 
$EFFR 10$&0.002&0.032&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.012&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.000&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.000&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.000&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.000\\ 
$EFFR 7$&0.000&0.000&0.000&0.000\\ 
$EFFR 8$&0.000&0.000&0.000&0.000\\ 
$EFFR 9$&0.000&0.000&0.000&0.000\\ 
$EFFR 10$&0.000&0.000&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.000&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.000&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.000&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.000\\ 
$EFFR 7$&0.000&0.000&0.000&0.001\\ 
$EFFR 8$&0.000&0.000&0.000&0.001\\ 
$EFFR 9$&0.000&0.000&0.001&0.001\\ 
$EFFR 10$&0.000&0.000&0.000&0.002\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.034&0&0\\ 
cobs&0&0&0\\ 
iobs&0&0&0\\ 
labor&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
wobs&0&0&0\\ 
inflation&0&0&0\\ 
zobs&0&0&0\\ 
gobs&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0.013&0\\ 
$EFFR 1$&0&0&0\\ 
$EFFR 2$&0&0&0\\ 
$EFFR 3$&0&0&0\\ 
$EFFR 4$&0&0&0\\ 
$EFFR 5$&0&0&0\\ 
$EFFR 6$&0&0&0\\ 
$EFFR 7$&0&0&0\\ 
$EFFR 8$&0&0&0\\ 
$EFFR 9$&0&0&0\\ 
$EFFR 10$&0&0&0\\ 
$BEIobs_{me}$&0&0&0.036\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.004&0.000&0.019&0.052\\ 
cobs&0.000&0.001&0.026&0.099\\ 
iobs&0.000&0.000&0.013&0.020\\ 
labor&0.001&0.006&0.015&0.010\\ 
$nominal interest rate$&0.000&0.000&0.000&0.008\\ 
wobs&0.000&0.000&0.003&0.181\\ 
inflation&0.000&0.000&0.033&0.011\\ 
zobs&0.000&0.341&0.025&0.214\\ 
gobs&0.346&0.011&0.000&0.198\\ 
$Debt-To-GDP_{me}$&0.001&0.162&0.014&0.002\\ 
$EFFR 1$&0.000&0.000&0.000&0.007\\ 
$EFFR 2$&0.000&0.000&0.000&0.007\\ 
$EFFR 3$&0.000&0.000&0.000&0.005\\ 
$EFFR 4$&0.000&0.000&0.000&0.004\\ 
$EFFR 5$&0.000&0.000&0.000&0.003\\ 
$EFFR 6$&0.000&0.000&0.000&0.002\\ 
$EFFR 7$&0.000&0.000&0.000&0.002\\ 
$EFFR 8$&0.000&0.000&0.000&0.001\\ 
$EFFR 9$&0.000&0.000&0.000&0.001\\ 
$EFFR 10$&0.000&0.000&0.000&0.001\\ 
$BEIobs_{me}$&0.000&0.001&0.026&0.001\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.001&0.000&0.496&0.001\\ 
cobs&0.013&0.000&0.340&0.002\\ 
iobs&0.000&0.000&0.705&0.001\\ 
labor&0.000&0.000&0.441&0.001\\ 
$nominal interest rate$&0.001&0.001&0.488&0.001\\ 
wobs&0.000&0.000&0.347&0.136\\ 
inflation&0.001&0.000&0.467&0.002\\ 
zobs&0.000&0.000&0.005&0.000\\ 
gobs&0.001&0.000&0.218&0.001\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.121&0.000\\ 
$EFFR 1$&0.001&0.000&0.489&0.001\\ 
$EFFR 2$&0.001&0.000&0.492&0.001\\ 
$EFFR 3$&0.001&0.000&0.498&0.001\\ 
$EFFR 4$&0.001&0.000&0.506&0.001\\ 
$EFFR 5$&0.001&0.000&0.517&0.001\\ 
$EFFR 6$&0.001&0.000&0.532&0.001\\ 
$EFFR 7$&0.001&0.000&0.550&0.001\\ 
$EFFR 8$&0.001&0.000&0.574&0.001\\ 
$EFFR 9$&0.001&0.000&0.603&0.001\\ 
$EFFR 10$&0.001&0.000&0.638&0.001\\ 
$BEIobs_{me}$&0.001&0.000&0.682&0.001\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.334&0.056&0.000\\ 
cobs&0.000&0.459&0.048&0.001\\ 
iobs&0.000&0.210&0.043&0.000\\ 
labor&0.000&0.287&0.235&0.000\\ 
$nominal interest rate$&0.000&0.471&0.012&0.000\\ 
wobs&0.002&0.052&0.279&0.000\\ 
inflation&0.001&0.461&0.018&0.000\\ 
zobs&0.000&0.008&0.002&0.405\\ 
gobs&0.000&0.180&0.043&0.001\\ 
$Debt-To-GDP_{me}$&0.000&0.077&0.623&0.000\\ 
$EFFR 1$&0.000&0.471&0.012&0.000\\ 
$EFFR 2$&0.000&0.470&0.011&0.000\\ 
$EFFR 3$&0.000&0.466&0.010&0.000\\ 
$EFFR 4$&0.000&0.459&0.009&0.000\\ 
$EFFR 5$&0.000&0.449&0.008&0.000\\ 
$EFFR 6$&0.000&0.434&0.008&0.000\\ 
$EFFR 7$&0.000&0.416&0.009&0.000\\ 
$EFFR 8$&0.000&0.392&0.010&0.000\\ 
$EFFR 9$&0.000&0.365&0.011&0.000\\ 
$EFFR 10$&0.000&0.334&0.012&0.000\\ 
$BEIobs_{me}$&0.000&0.251&0.018&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.009&0.000&0.000\\ 
cobs&0.000&0.009&0.000&0.000\\ 
iobs&0.000&0.008&0.000&0.000\\ 
labor&0.000&0.004&0.000&0.000\\ 
$nominal interest rate$&0.001&0.015&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.005&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.001&0.015&0.000&0.000\\ 
$EFFR 2$&0.001&0.016&0.000&0.000\\ 
$EFFR 3$&0.001&0.016&0.000&0.000\\ 
$EFFR 4$&0.001&0.017&0.000&0.000\\ 
$EFFR 5$&0.001&0.018&0.000&0.000\\ 
$EFFR 6$&0.001&0.019&0.000&0.000\\ 
$EFFR 7$&0.001&0.019&0.000&0.000\\ 
$EFFR 8$&0.001&0.018&0.000&0.000\\ 
$EFFR 9$&0.001&0.016&0.000&0.000\\ 
$EFFR 10$&0.001&0.011&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.010&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.000&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.000&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.000&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.000\\ 
$EFFR 7$&0.000&0.000&0.000&0.000\\ 
$EFFR 8$&0.000&0.000&0.000&0.000\\ 
$EFFR 9$&0.000&0.000&0.000&0.000\\ 
$EFFR 10$&0.000&0.000&0.000&0.000\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.000&0.000&0.000&0.000\\ 
cobs&0.000&0.000&0.000&0.000\\ 
iobs&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
wobs&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.000&0.000\\ 
$EFFR 1$&0.000&0.000&0.000&0.000\\ 
$EFFR 2$&0.000&0.000&0.000&0.000\\ 
$EFFR 3$&0.000&0.000&0.000&0.000\\ 
$EFFR 4$&0.000&0.000&0.000&0.000\\ 
$EFFR 5$&0.000&0.000&0.000&0.000\\ 
$EFFR 6$&0.000&0.000&0.000&0.000\\ 
$EFFR 7$&0.000&0.000&0.000&0.000\\ 
$EFFR 8$&0.000&0.000&0.000&0.001\\ 
$EFFR 9$&0.000&0.000&0.000&0.001\\ 
$EFFR 10$&0.000&0.000&0.000&0.001\\ 
$BEIobs_{me}$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.028&0&0\\ 
cobs&0&0&0\\ 
iobs&0&0&0\\ 
labor&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
wobs&0&0&0\\ 
inflation&0&0&0\\ 
zobs&0&0&0\\ 
gobs&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0.000&0\\ 
$EFFR 1$&0&0&0\\ 
$EFFR 2$&0&0&0\\ 
$EFFR 3$&0&0&0\\ 
$EFFR 4$&0&0&0\\ 
$EFFR 5$&0&0&0\\ 
$EFFR 6$&0&0&0\\ 
$EFFR 7$&0&0&0\\ 
$EFFR 8$&0&0&0\\ 
$EFFR 9$&0&0&0\\ 
$EFFR 10$&0&0&0\\ 
$BEIobs_{me}$&0&0&0.008\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\pagebreak 
\subsection{States} 
\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.010&0.698\\ 
$consumption: Non-Savers$&0.004&0.061&0.031&0.222\\ 
$nominal interest rate$&0.001&0.000&0.000&0.038\\ 
investment&0.000&0.000&0.013&0.002\\ 
labor&0.009&0.000&0.019&0.034\\ 
output&0.007&0.000&0.017&0.142\\ 
$govt consumption$&1.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.002&0.013&0.657\\ 
$real wage$&0.000&0.000&0.001&0.810\\ 
$govt debt$&0.001&0.001&0.000&0.022\\ 
inflation&0.001&0.000&0.032&0.038\\ 
$b/y ratio$&0.005&0.000&0.007&0.004\\ 
$inflation CF$&0.001&0.000&0.000&0.039\\ 
$b/y ratio CF$&0.005&0.000&0.000&0.005\\ 
$\tau k$&0.000&0.000&0.000&0.015\\ 
$\tau l$&0.000&0.000&0.000&0.018\\ 
$\tau c$&0.000&0.001&0.074&0.029\\ 
$real interest rate$&0.000&0.000&0.110&0.020\\ 
$transfers total$&0.000&0.482&0.036&0.000\\ 
$transfers adjustments$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.002&0.000&0.000&0.022\\ 
$g shock$&1.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.010&0.000&0.009&0.001\\ 
$consumption: Non-Savers$&0.001&0.000&0.298&0.010\\ 
$nominal interest rate$&0.001&0.025&0.365&0.005\\ 
investment&0.000&0.000&0.677&0.001\\ 
labor&0.001&0.000&0.475&0.001\\ 
output&0.001&0.000&0.421&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.009&0.000&0.026&0.000\\ 
$real wage$&0.000&0.000&0.020&0.105\\ 
$govt debt$&0.006&0.001&0.616&0.010\\ 
inflation&0.001&0.000&0.361&0.005\\ 
$b/y ratio$&0.006&0.000&0.936&0.006\\ 
$inflation CF$&0.001&0.000&0.373&0.006\\ 
$b/y ratio CF$&0.006&0.000&0.957&0.006\\ 
$\tau k$&0.000&0.000&0.319&0.000\\ 
$\tau l$&0.000&0.000&0.332&0.000\\ 
$\tau c$&0.000&0.000&0.297&0.001\\ 
$real interest rate$&0.001&0.021&0.342&0.003\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.000&0.000&0.001&0.000\\ 
$price of bonds$&0.005&0.001&0.466&0.007\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.260&0.010&0.000\\ 
$consumption: Non-Savers$&0.000&0.256&0.050&0.062\\ 
$nominal interest rate$&0.015&0.495&0.055&0.000\\ 
investment&0.000&0.265&0.037&0.000\\ 
labor&0.000&0.414&0.039&0.000\\ 
output&0.000&0.366&0.039&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.276&0.015&0.001\\ 
$real wage$&0.002&0.016&0.047&0.000\\ 
$govt debt$&0.001&0.282&0.020&0.002\\ 
inflation&0.015&0.491&0.056&0.000\\ 
$b/y ratio$&0.000&0.018&0.000&0.001\\ 
$inflation CF$&0.016&0.507&0.058&0.000\\ 
$b/y ratio CF$&0.000&0.019&0.000&0.001\\ 
$\tau k$&0.000&0.661&0.003&0.000\\ 
$\tau l$&0.000&0.646&0.003&0.000\\ 
$\tau c$&0.000&0.588&0.004&0.000\\ 
$real interest rate$&0.007&0.478&0.019&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.481\\ 
$transfers adjustments$&0.000&0.001&0.000&0.998\\ 
$price of bonds$&0.000&0.437&0.017&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.002&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.003&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.005&0.000&0.000\\ 
labor&0.000&0.006&0.000&0.000\\ 
output&0.000&0.005&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.002&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.037&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.015&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.005&0.000&0.000\\ 
$real interest rate$&0.000&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.040&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.000&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.000&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0\\ 
$consumption: Non-Savers$&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
investment&0&0&0\\ 
labor&0&0&0\\ 
output&0&0&0\\ 
$govt consumption$&0&0&0\\ 
$aggregate consumption$&0&0&0\\ 
$real wage$&0&0&0\\ 
$govt debt$&0&0&0\\ 
inflation&0&0&0\\ 
$b/y ratio$&0&0&0\\ 
$inflation CF$&0&0&0\\ 
$b/y ratio CF$&0&0&0\\ 
$\tau k$&0&0&0\\ 
$\tau l$&0&0&0\\ 
$\tau c$&0&0&0\\ 
$real interest rate$&0&0&0\\ 
$transfers total$&0&0&0\\ 
$transfers adjustments$&0&0&0\\ 
$price of bonds$&0&0&0\\ 
$g shock$&0&0&0\\ 
$funded tranfer shock$&0&0&0\\ 
$unfunded tranfer shock$&0&0&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.015&0.580\\ 
$consumption: Non-Savers$&0.004&0.037&0.030&0.141\\ 
$nominal interest rate$&0.001&0.000&0.000&0.035\\ 
investment&0.000&0.000&0.013&0.001\\ 
labor&0.006&0.000&0.020&0.014\\ 
output&0.005&0.000&0.018&0.076\\ 
$govt consumption$&0.902&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.001&0.017&0.532\\ 
$real wage$&0.000&0.000&0.001&0.776\\ 
$govt debt$&0.001&0.003&0.001&0.034\\ 
inflation&0.001&0.000&0.033&0.033\\ 
$b/y ratio$&0.003&0.001&0.010&0.002\\ 
$inflation CF$&0.001&0.000&0.000&0.034\\ 
$b/y ratio CF$&0.003&0.001&0.000&0.002\\ 
$\tau k$&0.005&0.000&0.000&0.005\\ 
$\tau l$&0.005&0.000&0.000&0.005\\ 
$\tau c$&0.000&0.000&0.067&0.018\\ 
$real interest rate$&0.000&0.000&0.187&0.018\\ 
$transfers total$&0.000&0.474&0.034&0.000\\ 
$transfers adjustments$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.002&0.000&0.000&0.025\\ 
$g shock$&1.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.013&0.000&0.013&0.001\\ 
$consumption: Non-Savers$&0.001&0.000&0.380&0.004\\ 
$nominal interest rate$&0.001&0.010&0.378&0.005\\ 
investment&0.000&0.000&0.686&0.001\\ 
labor&0.001&0.000&0.497&0.001\\ 
output&0.001&0.000&0.475&0.000\\ 
$govt consumption$&0.001&0.000&0.095&0.001\\ 
$aggregate consumption$&0.011&0.000&0.037&0.000\\ 
$real wage$&0.000&0.000&0.033&0.074\\ 
$govt debt$&0.006&0.001&0.728&0.011\\ 
inflation&0.001&0.000&0.370&0.005\\ 
$b/y ratio$&0.005&0.000&0.899&0.004\\ 
$inflation CF$&0.001&0.000&0.383&0.005\\ 
$b/y ratio CF$&0.005&0.000&0.915&0.004\\ 
$\tau k$&0.006&0.000&0.957&0.006\\ 
$\tau l$&0.006&0.000&0.957&0.006\\ 
$\tau c$&0.000&0.000&0.448&0.000\\ 
$real interest rate$&0.001&0.033&0.296&0.002\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.000&0.000&0.001&0.000\\ 
$price of bonds$&0.006&0.001&0.530&0.008\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.358&0.016&0.000\\ 
$consumption: Non-Savers$&0.000&0.292&0.069&0.039\\ 
$nominal interest rate$&0.006&0.517&0.046&0.000\\ 
investment&0.000&0.254&0.040&0.000\\ 
labor&0.000&0.409&0.044&0.000\\ 
output&0.000&0.371&0.046&0.000\\ 
$govt consumption$&0.000&0.002&0.000&0.000\\ 
$aggregate consumption$&0.000&0.372&0.023&0.001\\ 
$real wage$&0.002&0.021&0.093&0.000\\ 
$govt debt$&0.001&0.152&0.018&0.006\\ 
inflation&0.006&0.507&0.044&0.000\\ 
$b/y ratio$&0.000&0.064&0.003&0.002\\ 
$inflation CF$&0.007&0.525&0.045&0.000\\ 
$b/y ratio CF$&0.000&0.065&0.003&0.002\\ 
$\tau k$&0.000&0.019&0.000&0.001\\ 
$\tau l$&0.000&0.019&0.000&0.001\\ 
$\tau c$&0.000&0.461&0.001&0.000\\ 
$real interest rate$&0.015&0.418&0.022&0.000\\ 
$transfers total$&0.000&0.002&0.000&0.490\\ 
$transfers adjustments$&0.000&0.004&0.000&0.995\\ 
$price of bonds$&0.000&0.359&0.018&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.003&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.004&0.000&0.000\\ 
$nominal interest rate$&0.001&0.000&0.001&0.000\\ 
investment&0.000&0.005&0.000&0.000\\ 
labor&0.000&0.007&0.000&0.000\\ 
output&0.000&0.006&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.004&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.037&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.008&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.004&0.000&0.000\\ 
$real interest rate$&0.004&0.000&0.003&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.048&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.000&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.000&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0\\ 
$consumption: Non-Savers$&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
investment&0&0&0\\ 
labor&0&0&0\\ 
output&0&0&0\\ 
$govt consumption$&0&0&0\\ 
$aggregate consumption$&0&0&0\\ 
$real wage$&0&0&0\\ 
$govt debt$&0&0&0\\ 
inflation&0&0&0\\ 
$b/y ratio$&0&0&0\\ 
$inflation CF$&0&0&0\\ 
$b/y ratio CF$&0&0&0\\ 
$\tau k$&0&0&0\\ 
$\tau l$&0&0&0\\ 
$\tau c$&0&0&0\\ 
$real interest rate$&0&0&0\\ 
$transfers total$&0&0&0\\ 
$transfers adjustments$&0&0&0\\ 
$price of bonds$&0&0&0\\ 
$g shock$&0&0&0\\ 
$funded tranfer shock$&0&0&0\\ 
$unfunded tranfer shock$&0&0&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.024&0.398\\ 
$consumption: Non-Savers$&0.002&0.020&0.028&0.060\\ 
$nominal interest rate$&0.001&0.000&0.000&0.026\\ 
investment&0.000&0.000&0.013&0.002\\ 
labor&0.003&0.000&0.021&0.004\\ 
output&0.003&0.000&0.019&0.027\\ 
$govt consumption$&0.675&0.001&0.000&0.000\\ 
$aggregate consumption$&0.000&0.001&0.026&0.347\\ 
$real wage$&0.000&0.000&0.002&0.645\\ 
$govt debt$&0.001&0.010&0.005&0.035\\ 
inflation&0.000&0.000&0.035&0.024\\ 
$b/y ratio$&0.001&0.002&0.014&0.001\\ 
$inflation CF$&0.001&0.000&0.000&0.025\\ 
$b/y ratio CF$&0.001&0.002&0.000&0.001\\ 
$\tau k$&0.002&0.001&0.000&0.001\\ 
$\tau l$&0.002&0.001&0.000&0.001\\ 
$\tau c$&0.000&0.000&0.062&0.010\\ 
$real interest rate$&0.001&0.000&0.151&0.039\\ 
$transfers total$&0.000&0.544&0.037&0.000\\ 
$transfers adjustments$&0.000&0.000&0.001&0.001\\ 
$price of bonds$&0.003&0.000&0.000&0.026\\ 
$g shock$&1.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.016&0.000&0.023&0.002\\ 
$consumption: Non-Savers$&0.001&0.000&0.447&0.001\\ 
$nominal interest rate$&0.001&0.003&0.388&0.004\\ 
investment&0.000&0.000&0.698&0.001\\ 
labor&0.001&0.000&0.503&0.001\\ 
output&0.001&0.000&0.515&0.001\\ 
$govt consumption$&0.001&0.000&0.283&0.001\\ 
$aggregate consumption$&0.013&0.000&0.058&0.001\\ 
$real wage$&0.000&0.000&0.068&0.047\\ 
$govt debt$&0.006&0.000&0.747&0.009\\ 
inflation&0.001&0.000&0.376&0.003\\ 
$b/y ratio$&0.003&0.000&0.742&0.001\\ 
$inflation CF$&0.001&0.000&0.389&0.004\\ 
$b/y ratio CF$&0.003&0.000&0.754&0.002\\ 
$\tau k$&0.005&0.000&0.919&0.003\\ 
$\tau l$&0.005&0.000&0.919&0.003\\ 
$\tau c$&0.000&0.000&0.536&0.000\\ 
$real interest rate$&0.001&0.020&0.305&0.005\\ 
$transfers total$&0.000&0.000&0.003&0.000\\ 
$transfers adjustments$&0.000&0.000&0.007&0.000\\ 
$price of bonds$&0.008&0.001&0.599&0.009\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.501&0.030&0.000\\ 
$consumption: Non-Savers$&0.000&0.325&0.095&0.015\\ 
$nominal interest rate$&0.002&0.540&0.031&0.000\\ 
investment&0.000&0.234&0.045&0.000\\ 
labor&0.000&0.406&0.053&0.000\\ 
output&0.000&0.372&0.056&0.000\\ 
$govt consumption$&0.000&0.037&0.002&0.001\\ 
$aggregate consumption$&0.000&0.505&0.040&0.001\\ 
$real wage$&0.001&0.031&0.206&0.000\\ 
$govt debt$&0.000&0.139&0.009&0.011\\ 
inflation&0.003&0.528&0.029&0.000\\ 
$b/y ratio$&0.000&0.216&0.013&0.003\\ 
$inflation CF$&0.003&0.547&0.030&0.000\\ 
$b/y ratio CF$&0.000&0.220&0.013&0.003\\ 
$\tau k$&0.000&0.063&0.003&0.002\\ 
$\tau l$&0.000&0.063&0.003&0.002\\ 
$\tau c$&0.000&0.387&0.000&0.000\\ 
$real interest rate$&0.009&0.397&0.054&0.000\\ 
$transfers total$&0.000&0.002&0.000&0.413\\ 
$transfers adjustments$&0.000&0.004&0.001&0.986\\ 
$price of bonds$&0.000&0.266&0.018&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.006&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.005&0.000&0.000\\ 
$nominal interest rate$&0.001&0.002&0.001&0.001\\ 
investment&0.000&0.005&0.000&0.000\\ 
labor&0.000&0.007&0.000&0.000\\ 
output&0.000&0.006&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.006&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.028&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.002&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.005&0.000&0.000\\ 
$real interest rate$&0.007&0.005&0.003&0.003\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.067&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.002&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.000&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0\\ 
$consumption: Non-Savers$&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
investment&0&0&0\\ 
labor&0&0&0\\ 
output&0&0&0\\ 
$govt consumption$&0&0&0\\ 
$aggregate consumption$&0&0&0\\ 
$real wage$&0&0&0\\ 
$govt debt$&0&0&0\\ 
inflation&0&0&0\\ 
$b/y ratio$&0&0&0\\ 
$inflation CF$&0&0&0\\ 
$b/y ratio CF$&0&0&0\\ 
$\tau k$&0&0&0\\ 
$\tau l$&0&0&0\\ 
$\tau c$&0&0&0\\ 
$real interest rate$&0&0&0\\ 
$transfers total$&0&0&0\\ 
$transfers adjustments$&0&0&0\\ 
$price of bonds$&0&0&0\\ 
$g shock$&0&0&0\\ 
$funded tranfer shock$&0&0&0\\ 
$unfunded tranfer shock$&0&0&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$government consumption shock$&$funded tranfer shock$&$unfunded transfer shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.036&0.215\\ 
$consumption: Non-Savers$&0.001&0.011&0.025&0.019\\ 
$nominal interest rate$&0.000&0.000&0.000&0.015\\ 
investment&0.000&0.000&0.013&0.006\\ 
labor&0.002&0.000&0.022&0.006\\ 
output&0.001&0.000&0.019&0.008\\ 
$govt consumption$&0.341&0.003&0.000&0.002\\ 
$aggregate consumption$&0.000&0.001&0.036&0.175\\ 
$real wage$&0.000&0.000&0.003&0.376\\ 
$govt debt$&0.003&0.021&0.013&0.025\\ 
inflation&0.000&0.000&0.037&0.016\\ 
$b/y ratio$&0.000&0.005&0.018&0.004\\ 
$inflation CF$&0.000&0.000&0.000&0.017\\ 
$b/y ratio CF$&0.000&0.005&0.000&0.004\\ 
$\tau k$&0.000&0.003&0.000&0.001\\ 
$\tau l$&0.000&0.003&0.000&0.001\\ 
$\tau c$&0.000&0.000&0.057&0.003\\ 
$real interest rate$&0.000&0.000&0.053&0.025\\ 
$transfers total$&0.000&0.660&0.042&0.001\\ 
$transfers adjustments$&0.000&0.001&0.003&0.002\\ 
$price of bonds$&0.003&0.001&0.000&0.025\\ 
$g shock$&1&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.015&0.000&0.057&0.003\\ 
$consumption: Non-Savers$&0.001&0.000&0.480&0.001\\ 
$nominal interest rate$&0.001&0.001&0.384&0.002\\ 
investment&0.000&0.000&0.720&0.001\\ 
labor&0.001&0.000&0.505&0.001\\ 
output&0.001&0.000&0.545&0.001\\ 
$govt consumption$&0.001&0.000&0.423&0.000\\ 
$aggregate consumption$&0.012&0.000&0.106&0.002\\ 
$real wage$&0.000&0.000&0.162&0.022\\ 
$govt debt$&0.004&0.000&0.545&0.004\\ 
inflation&0.001&0.000&0.369&0.002\\ 
$b/y ratio$&0.002&0.000&0.583&0.000\\ 
$inflation CF$&0.001&0.000&0.384&0.003\\ 
$b/y ratio CF$&0.002&0.000&0.594&0.000\\ 
$\tau k$&0.003&0.000&0.730&0.001\\ 
$\tau l$&0.003&0.000&0.730&0.001\\ 
$\tau c$&0.000&0.000&0.616&0.000\\ 
$real interest rate$&0.001&0.005&0.366&0.003\\ 
$transfers total$&0.000&0.000&0.014&0.000\\ 
$transfers adjustments$&0.000&0.000&0.046&0.001\\ 
$price of bonds$&0.011&0.001&0.603&0.011\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.614&0.051&0.000\\ 
$consumption: Non-Savers$&0.000&0.326&0.127&0.005\\ 
$nominal interest rate$&0.001&0.567&0.015&0.000\\ 
investment&0.000&0.203&0.052&0.000\\ 
labor&0.000&0.391&0.066&0.000\\ 
output&0.000&0.349&0.070&0.000\\ 
$govt consumption$&0.000&0.210&0.018&0.002\\ 
$aggregate consumption$&0.000&0.594&0.065&0.000\\ 
$real wage$&0.001&0.044&0.391&0.000\\ 
$govt debt$&0.000&0.347&0.014&0.011\\ 
inflation&0.002&0.552&0.019&0.000\\ 
$b/y ratio$&0.000&0.349&0.036&0.003\\ 
$inflation CF$&0.002&0.574&0.019&0.000\\ 
$b/y ratio CF$&0.000&0.355&0.036&0.003\\ 
$\tau k$&0.000&0.240&0.019&0.003\\ 
$\tau l$&0.000&0.240&0.019&0.003\\ 
$\tau c$&0.000&0.318&0.001&0.000\\ 
$real interest rate$&0.002&0.485&0.029&0.000\\ 
$transfers total$&0.000&0.007&0.000&0.276\\ 
$transfers adjustments$&0.000&0.022&0.001&0.923\\ 
$price of bonds$&0.000&0.217&0.015&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.010&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.005&0.000&0.000\\ 
$nominal interest rate$&0.001&0.011&0.000&0.000\\ 
investment&0.000&0.004&0.000&0.000\\ 
labor&0.000&0.007&0.000&0.000\\ 
output&0.000&0.006&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.009&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.011&0.000&0.000\\ 
inflation&0.000&0.001&0.000&0.000\\ 
$b/y ratio$&0.000&0.001&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.005&0.000&0.000\\ 
$real interest rate$&0.002&0.025&0.001&0.001\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.000&0.001&0.000&0.000\\ 
$price of bonds$&0.001&0.108&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.001&0.001&0.001&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.000&0.000\\ 
$consumption: Non-Savers$&0.000&0.000&0.000&0.000\\ 
$nominal interest rate$&0.000&0.000&0.000&0.000\\ 
investment&0.000&0.000&0.000&0.000\\ 
labor&0.000&0.000&0.000&0.000\\ 
output&0.000&0.000&0.000&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.000&0.000&0.000\\ 
$real wage$&0.000&0.000&0.000&0.000\\ 
$govt debt$&0.000&0.000&0.000&0.000\\ 
inflation&0.000&0.000&0.000&0.000\\ 
$b/y ratio$&0.000&0.000&0.000&0.000\\ 
$inflation CF$&0.000&0.000&0.000&0.000\\ 
$b/y ratio CF$&0.000&0.000&0.000&0.000\\ 
$\tau k$&0.000&0.000&0.000&0.000\\ 
$\tau l$&0.000&0.000&0.000&0.000\\ 
$\tau c$&0.000&0.000&0.000&0.000\\ 
$real interest rate$&0.000&0.000&0.000&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers adjustments$&0.000&0.000&0.000&0.000\\ 
$price of bonds$&0.000&0.000&0.000&0.001\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0\\ 
$consumption: Non-Savers$&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
investment&0&0&0\\ 
labor&0&0&0\\ 
output&0&0&0\\ 
$govt consumption$&0&0&0\\ 
$aggregate consumption$&0&0&0\\ 
$real wage$&0&0&0\\ 
$govt debt$&0&0&0\\ 
inflation&0&0&0\\ 
$b/y ratio$&0&0&0\\ 
$inflation CF$&0&0&0\\ 
$b/y ratio CF$&0&0&0\\ 
$\tau k$&0&0&0\\ 
$\tau l$&0&0&0\\ 
$\tau c$&0&0&0\\ 
$real interest rate$&0&0&0\\ 
$transfers total$&0&0&0\\ 
$transfers adjustments$&0&0&0\\ 
$price of bonds$&0&0&0\\ 
$g shock$&0&0&0\\ 
$funded tranfer shock$&0&0&0\\ 
$unfunded tranfer shock$&0&0&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\pagebreak 
\section{Impulse Responses} 
\includepdf[page=-]{"government consumption shock".pdf} 
\includepdf[page=-]{"funded tranfer shock".pdf} 
\includepdf[page=-]{"unfunded transfer shock".pdf} 
\includepdf[page=-]{"technology shock".pdf} 
\includepdf[page=-]{"preference shock".pdf} 
\includepdf[page=-]{"monetary policy shock".pdf} 
\includepdf[page=-]{"investment specific technology shock".pdf} 
\includepdf[page=-]{"wage markup shock".pdf} 
\includepdf[page=-]{"price markup shock".pdf} 
\includepdf[page=-]{"risk-premium shock".pdf} 
\includepdf[page=-]{"shock to NKPC".pdf} 
\includepdf[page=-]{"transitory transfer shock".pdf} 
\includepdf[page=-]{"FWG target factor".pdf} 
\includepdf[page=-]{"FWG path factor".pdf} 
\includepdf[page=-]{"FG Shock0".pdf} 
\includepdf[page=-]{"FG Shock1".pdf} 
\includepdf[page=-]{"FG Shock2".pdf} 
\includepdf[page=-]{"FG Shock3".pdf} 
\includepdf[page=-]{"FG Shock4".pdf} 
\includepdf[page=-]{"FG Shock5".pdf} 
\includepdf[page=-]{"FG Shock6".pdf} 
\includepdf[page=-]{"FG Shock7".pdf} 
\includepdf[page=-]{"FG Shock8".pdf} 
\includepdf[page=-]{"FG Shock9".pdf} 
\includepdf[page=-]{"ME GDP".pdf} 
\includepdf[page=-]{"ME Debt-to-GDP Ratio".pdf} 
\includepdf[page=-]{"ME BEI".pdf} 
\pagebreak 
\section{Fit} 
\includepdf[page={-}]{"stdSimObsDensity".pdf} 
\includepdf[page={-}]{"stdSimStatesDensity".pdf} 
\includepdf[page={-}]{"stdObsDensity".pdf} 
\includepdf[page={-}]{"crossCorrelationsObs".pdf} 
\end{document}